{
    "type": "ETF",
    "ucits": true,
    "replication_method": "physical",
    "leverage": false,
    "derivatives": false,
    "swaps": false,
    "inverse": false,
    "complex_factors": "Emerging Markets Fixed Income, Use of Derivatives for Risk Management",
    "classification": "non-complex",
    "supporting_data": "The Goldman Sachs Emerging Markets Green and Social Bond Active UCITS ETF primarily invests in emerging markets fixed income securities, specifically labelled green, social, and sustainability bonds. The fund is actively managed and references a fixed income benchmark (J.P. Morgan EM Credit Green, Social and Sustainability Bond Diversified Index) but does not use synthetic replication or swap agreements. The KIID explicitly states derivatives may be used for efficient portfolio management and risk management, not as an inherent part of the investment strategy, indicating derivatives = false. There is no mention of leverage, inverse exposure, or capital protection mechanisms. The risk profile is moderate (category 4), consistent with fixed income exposure, and no complex structured products or contingent bonds are held. Counterparty risk is disclosed as a general risk but no significant counterparty exposure or funded/unfunded swap structures are described. Charges are straightforward with no performance fees or swap fees. The fund is UCITS compliant, uses physical replication (direct investment in labelled bonds), and has a clear, linear relationship to underlying bond performance. No complexity flags such as leverage, synthetic replication, or complex underlying assets are present. Therefore, under MiFID II, this ETF is classified as non-complex."
}